Extraordinary management teams achieving long term average profit growth
between 15-20% and annual leveraged returns of 25-30%

Our
Investments

Current Portfolio

Spotless

Outsourced facilities management and services

www.spotless.com/au

Type of transaction: Public to Private
Acquisition date: August 2012
Enterprise value at acquisition: A$1.1B

With revenue of A$2.7B, the company has a significant presence in Australia and New Zealand.

Spotless employs ~30,000 staff delivering 30 million hours of outsourced services per year. The diverse, integrated services offering includes facilities maintenance, catering, linen and garment laundry and cleaning.

Spotless' broad client base spans both public and private organisations, with leading market shares in many sectors of the economy:

Healthcare: delivers more than 3.5 million hours of non-clinical support services to over 200 healthcare facilities

Resources: offers holistic outsourced camp services to remote mine sites

Sports, Leisure and Entertainment: caters for major sporting events at stadia throughout Australia and New Zealand, including the MCG

Defence: with over 30 years of experience supports more than 30 defence bases with comprehensive barracks services from maintenance to fire fighting

Other government: provides catering, cleaning and maintenance to schools, universities and public housing

Commercial: works with a wide range of commercial customers to supply services from airport restaurant management to uniform laundering

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Energy Developments

Renewable energy

www.energydevelopments.com.au

Type of transaction: Public/Control
Date of acquisition: January 2010
Enterprise value at acquisition: A$844M

An international provider of distributed power generation with operations in Australia, US and Europe. EDL provides renewable, low greenhouse gas emissions energy and remote energy solutions for its customers.  The company generates electricity, carbon abatement certificates and green credits, and provides related services at 83 projects globally, with a total generation capacity of 883 MW. 

In the financial year ended 30 June 2014, EDL's worldwide operations produced approximately 3.8 million MWh of energy, enough to power over 600,000 homes. 

EDL's landfill gas (LFG) power stations around the world, and waste coal mine gas (WCMG) power stations in Australia abated and avoided approximately 12 million tonnes of carbon dioxide equivalent of greenhouse gas emissions, equivalent to removing 3.5 million cars from the road.

Distributed power generation and abatement

EDL is the leading provider of LFG and WCMG power generation and abatement in Australia.  LFG is primarily methane from decomposing organic matter and must be managed by landfills for environmental protection.  WCMG is also a source of methane, which must be extracted during coal mining operations for safety.  Methane is a greenhouse gas with 25 times the global warming potential of carbon dioxide.  Methane can be abated and beneficially utilised through combustion in the power generation process.

  • LFG:  EDL owns and operates 262 MW of power generation utilising LFG at 40 landfill sites in 4 countries.
  • WCMG:  In Australia, EDL owns 248 MW of power generation capacity utilising WCMG and operates a 5 MW ventilation air methane project.

Remote Energy:

EDL owns and/or operates 368 MW of remote energy power generation projects, a 200 tonne per day natural gas liquefaction plant and CNG processing facility in remote Australia.  These 33 projects are located throughout the mainland states of Australia, making EDL the largest independent remote energy producer in Australia operating in the sub 100 MW market.  EDL uses a range of fuel sources including natural gas, LNG, CNG and diesel.

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American Stock Transfer and Trust Company

Stock transfer agent and related services

www.amstock.com

Type of transaction: Private Vendor
Date of acquisition: May 2008
Enterprise value at acquisition: US$910M

American Stock Transfer and Trust Company (AST) is a US stock transfer agent. Founded in 1971, AST has grown to be the largest stock transfer agent in the United States by number of corporate issuers.

AST's unique, customer-driven approach to the provision of comprehensive transfer agency services has seen it consistently achieve the highest customer satisfaction rating in the industry. Its operations, located predominantly in Brooklyn, are world-class in terms of flexibility and efficiency.

AST's corporate services include:

  • Stock transfer agency services;
  • Trustee services for debentures, tender agent, exchange agent and escheatment;
  • Equity compensation plan administration;
  • Dividend reinvestment plan administration; and
  • Proxy services. 
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Hoyts Group

Cinema exhibition and advertising

www.hoyts.com.au
www.hoytskiosk.com.au
www.valmorgan.com.au

Type of transaction: Corporate Carve-Out
Date of acquisition: December 2007
Enterprise value at acquisition: A$440M

Hoyts Exhibition:  Hoyts is the region's second-largest cinema operator, with over 420 screens across 42 cinema complexes in Australia and a further 10 complexes in New Zealand. Most of these are multiplex cinema complexes located within large shopping centres in urban locations. Revenue is generated from cinema ticket sales, confectionery and related products, and merchandise.

Hoyts Kiosk: Hoyts offers home movies via Hoyts Kiosk, Australia's largest network of movie rental machines. Customers may rent the latest movies at supermarkets and other convenient locations. Hoyts Kiosk currently has more than 600 machines located throughout Australia.

Val Morgan: Hoyts also operates Val Morgan, the largest provider of cinema advertising in Australia and New Zealand, with approximately 95% market share. Val Morgan owns the exclusive rights to sell pre-feature film cinema advertising on the screens of all major Australian and New Zealand exhibitors. Val Morgan also offers a series of other advertising media products including a network of over 2,300 digital advertising screens in high traffic malls and service stations.

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Veda

Commercial and credit checking

www.veda.com.au
www.veda.co.nz

Type of transaction: Public to Private
Date of acquisition: July 2007
Enterprise value at acquisition: A$974M

Veda is the leading provider of business intelligence services and solutions in Australia and New Zealand. Major activities include data-driven services and solutions in relation to credit risk, marketing, decisioning, fraud protection and identity verification.

The company operates primary credit bureaux in Australia and New Zealand. These facilities have evolved over many years to become the principal sources of consumer credit information and key elements of the efficient operation of the banking credit infrastructure of the Australasian economies.

The company is also a leading provider of commercial credit information services and of data-driven marketing and customer acquisition solutions, particularly in the financial services and energy sectors.

Veda also has operations in SE Asia. 

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Griffin's Foods

Biscuits and snack foods

www.griffins.co.nz

Type of transaction: Multinational Carve-Out
Date of acquisition: June 2006
Enterprise value at acquisition: NZ$385M

Griffin's is New Zealand's leading biscuit and snack food company. The company manufactures and markets an outstanding portfolio of high-quality branded products, including biscuits, crackers and savoury snacks; it is the market leader in the biscuit category in New Zealand and one of the most recognised brands in that country.

Griffin's operates two biscuit manufacturing 'supercentres' in New Zealand, one for biscuits and one for savoury snacks and bars, both comprising leading manufacturing and packaging equipment and delivering a world class cost base.

Griffin's also operates two distribution centres - located in Auckland and Christchurch.

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Xtralis

Smoke detection and video security

www.xtralis.com

Type of transaction: Corporate Carve-Out
Date of acquisition: February 2006
Enterprise value at acquisition: A$253M

Xtralis is a leader in very early warning smoke detection and alarm systems, voice alarm and interactive video security solutions, which protect business critical assets across the world. The company operates a global network of companies. Brands include:

VESDA: Air Sampling Smoke Detection Systems. The market leader in early warning smoke detection, VESDA products - such as its renowned air sampling smoke detectors - are used in industries such as transportation, manufacturing, IT&T, utilities and storage services.

ADPRO: Video Security Systems and Solutions. Sophisticated digital video security systems and solutions based on the highest quality standards and latest technology. With advanced integration capabilities and an acute understanding of operational efficiencies, ADPRO offers seamless security solutions.

Xtralis products are sold in over 100 countries worldwide and has an operation in China which it acquired in 2012.

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